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I3 has released its full year 2023 results, demonstrating the cash generation capability of its business, and funding position going into the increased planned 2024 CAPEX programme, where new drilling is expected to begin in June.
Companies: i3 Energy Plc
Zeus Capital
Q1/24 sales volumes averaged 2,669bopd, a 2% QoQ and 8% YoY reduction (Q4/23: 2,736bopd, Q1/23: 2,899bopd) as Trinity continues to offset natural production decline through an active programme of workovers, recompletions, and swabbing. Trinity has reiterated its 2024 sales volume guidance of 2,600-2,700bopd (a c5% YoY reduction at the mid-point). Cash at 31 March 2024 was US$8.6m (31 December 2023: US$9.8m). Trinity has also provided an update on the Jacobin-1 well, where the forward plan is to
Companies: Trinity Exploration & Production Plc
Cavendish
Seplat delivered an encouraging operating performance in 1Q24 including production of 49.3kboed, towards the upper end of guidance (44-52kboed). All current guidance was maintained but good progress on the ANOH export infrastructure and an earlier than expected resumption of exports through Zone 6 of the Trans Niger Pipeline improve confidence that guidance will be at least met. Financial performance for the quarter was skewed by a substantial underlift, FX effects, and a high deferred tax charg
Companies: Seplat Energy PLC
Capital Access Group
• FY23 production was in line with our expectations and the YE23 cash balance of US$12 mm had been reported previously. • The highlight of the announcement is the discovery by the CN-8 well of multiple hydrocarbon-bearing intervals. 14 feet of net oil pay were encountered in the Carbonera in an area that was not considered prospective. The pay zone is a clean sandstone exhibiting consistent 25% porosity and high resistivities. The well has been put in production at a gross rate of 330 bbl/d (165
Companies: Arrow Exploration Corp.
Auctus Advisors
Serabi Gold (AIM: SRB, TSX: SBI) have released their FY2023 annual results today, delivering on what has been a strong year back to profitability. Overall, earnings have largely tracked our forecast. The company has also announced a debt refinancing as a post year end balance sheet event.
Companies: Serabi Gold PLC
Tamesis Partners
Arrow has released its 2023 results, alongside updates on its ongoing drilling programme in Colombia. These help demonstrate the progress made on production and cash flows as a result of the campaign so far, with drilling activity ongoing throughout 2024.
88 Energy, Falcon Oil & Gas, Afentra, Touchstone Exploration, Trinity Exploration & Production, Sound Energy, Serica Energy, Star Energy, Southern Energy Corp, Ithaca Energy, i3 Energy, Equinor ASA, OKEA ASA, Aker BP, Galp Energia, Var Energi, TotalEnergies, Eni SpA, Repsol SA, ExxonMobil, Chevron Source: FactSet, weekly change 22/04/24-26/04/24 Oil rose this week amid signs of a tightening physical market while traders continue to assess lingering Middle East risks. West Texas Intermediate edge
Companies: 88E FOG TXP AET TRIN
Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans
Companies: Beowulf Mining PLC
SP Angel
i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for
WHIreland
Companies: One Media iP Group PLC (OMIP:LON)Trinity Exploration & Production Plc (TRIN:LON)
Ariana reported an all-share merger with Rockover Holdings last Thursday (25.04.2024). We today provide some more context on our thoughts on the proposal. The first thing to say is that, in our view, Ariana has acquired a low-risk project (open pit, JORC Resource, exploration potential, positive PFS with a good return and amenable metallurgy); this is no greenfield project with attendant exploration risk – it has demonstrated value. We also note that the resource and PFS are calculated at $1,650
Companies: Ariana Resources PLC
Companies: Sylvania Platinum Ltd.
Liberum
Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren
Canaccord Genuity
Companies: GAL BEM AAU SHG GGP AAL SLI 1SN EEE TECK
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